Gold (XAU/USD) Chart Overview:
Gold (XAU/USD) is currently trading within a rising channel, respecting both the upward trend line and support line on the 1-hour timeframe.**
We observed a higher high (H. High) formation, which indicates strong bullish momentum.
Price recently retraced and is now testing the support level, creating a potential bounce setup for a long trade.
Technical Confluences for a Buy Entry:
1. Trendline Support: Price is currently testing the lower boundary of the upward trend channel, indicating a possible reversal.
2. Bullish Structure: Despite recent retracement, the overall trend remains bullish, favoring long positions.
3. Rejection & Recovery Potential: A rounded bottom formation (curved purple line) suggests a potential rebound towards higher levels.
4. Risk-to-Reward Ratio: A well-defined stop-loss is placed below the support level, while the upside target offers a favorable reward.
Trade Plan:
Buy Entry: Around 2,894
Stop-Loss: Below 2,865 (to protect against further downside)
Target: 2,960 (aligned with the trend's upper boundary)
If gold holds above the support zone and shows bullish confirmation, we expect a strong push towards 2,960. However, a breakdown below the support could invalidate this setup.
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Gold (XAU/USD) is currently trading within a rising channel, respecting both the upward trend line and support line on the 1-hour timeframe.**
We observed a higher high (H. High) formation, which indicates strong bullish momentum.
Price recently retraced and is now testing the support level, creating a potential bounce setup for a long trade.
Technical Confluences for a Buy Entry:
1. Trendline Support: Price is currently testing the lower boundary of the upward trend channel, indicating a possible reversal.
2. Bullish Structure: Despite recent retracement, the overall trend remains bullish, favoring long positions.
3. Rejection & Recovery Potential: A rounded bottom formation (curved purple line) suggests a potential rebound towards higher levels.
4. Risk-to-Reward Ratio: A well-defined stop-loss is placed below the support level, while the upside target offers a favorable reward.
Trade Plan:
Buy Entry: Around 2,894
Stop-Loss: Below 2,865 (to protect against further downside)
Target: 2,960 (aligned with the trend's upper boundary)
If gold holds above the support zone and shows bullish confirmation, we expect a strong push towards 2,960. However, a breakdown below the support could invalidate this setup.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.